ARK Invest Divests $25M in Coinbase, Acquires Tesla Shares and Liquidates Grayscale Bitcoin Trust
Summary:
ARK Invest, under Cathie Wood's management, sold $25 million worth of Coinbase shares on January 3, continuing its divestment which totalled over $125 million since December 2023. After the sell-off, ARK revealed it purchased nearly $25.3 million in Tesla shares. Despite regular sell-offs, ARK still retains a notable investment in Coinbase, with the exchange holding the largest value in ARKF ETF's portfolio. ARK also liquidated its total shares in Grayscale Bitcoin Trust, worth $200 million, applying about half of the earnings to Bitcoin Futures ETF.
On January 3, ARK Invest, managed by Cathie Wood, offloaded crypto exchange Coinbase (COIN) shares valued at $25 million, with the stock's value decreasing by 3% to $152.24. The U.S. asset management firm has since December 2023, shed over $125 million worth of the exchange's shares. Post the sale on January 4, ARK Invest disclosed that it had acquired around 105,201 Tesla (TSLA) shares amounting to nearly $25.3 million. The shares were divided between ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), with 91,194 Tesla shares bought by ARKK and 14,007 Tesla shares bought by ARKW. Even though ARK has continued its sale of Coinbase stock, the firm maintains a significant investment in this exchange. The ARKF ETF portfolio’s most substantial asset is Coinbase, representing over $145 million of its overall asset value as of January, 4.
ARK Invest revealed in a post by Ark Invest Daily on X that they sold 166,183 shares of Coinbase worth more than $25.3 million on January 3. The lots contained 145,048 shares from ARKK and 21,135 shares from ARKW. As of December 5, ARK divested as many as 237,572 Coinbase shares across its three funds, as per details shared by Cointelegraph. The shares were sold when the Coinbase stock was at $140 per share, raking in a minimum of $33 million.
ARK Innovation ETF handled the bulk of the sales, with 201,711 Coinbase shares offloaded. Additionally, ARK Fintech Innovation ETF disposed of 28,535 shares and the ARK Next Generation internet ETF sold 7,326 shares, respectively.
In other significant actions, ARK Invest liquidated its remaining shares of the Grayscale Bitcoin Trust (GBTC), worth $200 million, on December 28. They then allocated about $100 million of that to the Bitcoin Futures ETF Bito.
Published At
1/4/2024 6:20:31 PM
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